Office of the Comptroller of the Currency: Difference between revisions
Content deleted Content added
(Username or IP removed) Delete this section entirely because it is way out of scope for this article and is an odd and obscure topic to even bring up. The OCC has hundreds and hundreds of bulletins they release, not to mention the guidance manuals. Why someone chose this single bulletin and added to this article is beyond me. For reference, I manage a Credit Risk department at a large bank and a copy of this exact bulletin is sitting in my briefcase at this exact moment. It needs deleted. Tags: Visual edit Mobile edit Mobile web edit |
No edit summary |
||
| (23 intermediate revisions by 21 users not shown) | |||
| Line 1: | Line 1: | ||
{{short description|American federal government organization}} |
{{short description|American federal government organization}} |
||
{{Use mdy dates|date=April 2019}} |
{{Use mdy dates|date=April 2019}} |
||
{{Redirect|Office of the Comptroller|state-level organizations|State Comptroller (disambiguation){{!}}State Comptroller}} |
|||
{{Infobox government agency |
{{Infobox government agency |
||
|agency_name = Office of the Comptroller of the Currency |
| agency_name = Office of the Comptroller of the Currency |
||
|logo = |
| logo = United States Office of the Comptroller of the Currency logo.svg |
||
|logo_width = |
| logo_width = |
||
|logo_caption = Logo of the Office of the Comptroller of the Currency |
| logo_caption = Logo of the Office of the Comptroller of the Currency |
||
|seal = Seal of the Office of the Comptroller of the Currency.svg |
| seal = Seal of the Office of the Comptroller of the Currency.svg |
||
|seal_width = 150 |
| seal_width = 150 |
||
|seal_caption = Seal of the Office of the Comptroller of the Currency |
| seal_caption = Seal of the Office of the Comptroller of the Currency |
||
|picture = Flag of the United States Comptroller of the Currency.svg |
| picture = Flag of the United States Comptroller of the Currency.svg |
||
|picture_caption = Flag of the Comptroller of the Currency |
| picture_caption = Flag of the Comptroller of the Currency |
||
|formed = |
| formed = {{Start date and age|1863|2|25}} |
||
|headquarters = [[Washington, D.C.]] |
| headquarters = [[Constitution Center (Washington, D.C.)|Constitution Center]], [[Washington, D.C.]] |
||
|employees = 3,518 (as of December 31, 2020) |
| employees = 3,518 (as of December 31, 2020) |
||
|chief1_name = [[Michael J. Hsu]]<ref>https://occ.gov/about/who-we-are/comptroller/bio-michael-hsu.html</ref> |
| chief1_name = [[Michael J. Hsu]]<ref>{{cite web |url=https://occ.gov/about/who-we-are/comptroller/bio-michael-hsu.html |title = Michael J. Hsu {{!}} OCC}}</ref> |
||
|chief1_position = Acting Comptroller |
| chief1_position = Acting Comptroller |
||
|parent_agency = [[United States Department of the Treasury|Department of the Treasury]] |
| parent_agency = [[United States Department of the Treasury|Department of the Treasury]] |
||
|website = {{url|www.occ.gov}} |
| website = {{url|www.occ.gov}} |
||
|footnotes = |
| footnotes = |
||
}} |
}} |
||
The '''Office of the Comptroller of the Currency''' ('''OCC''') is an independent bureau within the [[United States Department of the Treasury]] that was established by the [[National Currency Act of 1863]] and serves to [[charter]], [[bank regulation in the United States|regulate]], and supervise all [[national bank]]s and [[ |
The '''Office of the Comptroller of the Currency''' ('''OCC''') is an independent bureau within the [[United States Department of the Treasury]] that was established by the [[National Currency Act of 1863]] and serves to [[corporate charter|charter]], [[bank regulation in the United States|regulate]], and supervise all [[National bank (United States)|national bank]]s and [[Federal savings association|federal thrift institutions]] and the federally licensed branches and agencies of foreign banks in the United States.<ref name="Van Loo">{{Cite journal|last=Van Loo|first=Rory|date=2018-08-01|title=Regulatory Monitors: Policing Firms in the Compliance Era|url=https://scholarship.law.bu.edu/faculty_scholarship/265|journal=Faculty Scholarship |pages=14–15}}</ref> The acting Comptroller of the Currency is [[Michael J. Hsu]], who took office on May 10, 2021.<ref>{{Cite news|date=2018-08-01|title=Michael J. Hsu Statement to Agency Employees on Becoming Acting Comptroller of the Currency|url=https://www.occ.gov/news-issuances/news-releases/2021/nr-occ-2021-52.html}}</ref> |
||
==Duties and functions== |
==Duties and functions== |
||
Headquartered in [[Washington, D.C.]], it has four district offices located in New York City, Chicago, Dallas and Denver. It has an additional 92 operating locations throughout the United States. It is an independent [[Government agency|bureau]] of the [[United States Department of the Treasury]] and is headed by the Comptroller of the Currency, appointed to a five-year term by the President with the consent of the Senate. |
Headquartered in [[Washington, D.C.]], it has four district offices located in New York City, Chicago, Dallas and Denver. It has an additional 92 operating locations throughout the United States. It is an independent [[Government agency|bureau]] of the [[United States Department of the Treasury]] and is headed by the Comptroller of the Currency, appointed to a five-year term by the President with the consent of the [[U.S. Senate]]. |
||
The OCC pursues a number of main objectives: |
The OCC pursues a number of main objectives: |
||
| Line 30: | Line 31: | ||
* to ensure the safety and soundness of the national banking system; |
* to ensure the safety and soundness of the national banking system; |
||
* to foster [[competition]] by allowing banks to offer new products and services; |
* to foster [[competition]] by allowing banks to offer new products and services; |
||
* to improve the efficiency and effectiveness of OCC supervision especially to reduce the regulatory burden; |
* to improve the efficiency and effectiveness of OCC supervision especially to reduce the [[Compliance cost|regulatory burden]]; |
||
* to ensure fair and equal access to financial services to all Americans; |
* to ensure fair and equal access to financial services to all Americans; |
||
* to enforce anti-money laundering and anti-terrorism |
* to enforce anti-[[money laundering]] and anti-[[terrorism financing]] laws that apply to national banks and federally licensed branches and agencies of international banks; and |
||
* to investigate misconduct committed by institution-affiliated parties of national banks, including officers, directors, employees, agents and independent |
* to investigate misconduct committed by institution-affiliated parties of national banks, including officers, directors, employees, agents and [[independent contractor]]s (including appraisers, attorneys and accountants). |
||
The OCC participates in interagency activities in order to maintain the integrity of the federal banking system. By monitoring [[Capital (economics)|capital]], [[asset quality]], [[management]], earnings, [[liquidity]], sensitivity to [[market risk]], [[information technology]], [[consumer compliance]], and [[community reinvestment]], the OCC is able to determine whether or not the bank is operating safely and soundly, providing fair access and treatment to customers, and complying with all applicable laws and regulations. The OCC was created by [[Abraham Lincoln]] to fund the [[American Civil War]] but was later transformed into a regulatory agency to instill confidence in the federal banking system, ensure it operates in a safe and sound manner, and treats customers fairly. |
The OCC participates in interagency activities in order to maintain the integrity of the federal banking system. By monitoring [[Capital (economics)|capital]], [[asset quality]], [[management]], earnings, [[liquidity]], sensitivity to [[market risk]], [[information technology]], [[Regulatory compliance|consumer compliance]], and [[community reinvestment]], the OCC is able to determine whether or not the bank is operating safely and soundly, providing fair access and treatment to customers, and complying with all applicable laws and regulations. The OCC was created by [[Abraham Lincoln]] to fund the [[American Civil War]] but was later transformed into a regulatory agency to instill confidence in the federal banking system, ensure it operates in a safe and sound manner, and treats customers fairly. |
||
The OCC regulates and supervises about 1,200 national banks, federally-licensed savings associations, and federally-licensed branches of foreign banks in the United States,<ref>{{cite web|url=https://occ.gov/about/index-about.html |title=Office of the Comptroller of the Currency About Us |publisher=OCC.gov |access-date=July 9, 2020}}</ref> accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020). |
The OCC regulates and supervises about 1,200 national banks, federally-licensed savings associations, and federally-licensed branches of foreign banks in the United States,<ref>{{cite web|url=https://occ.gov/about/index-about.html |title=Office of the Comptroller of the Currency About Us |date=January 24, 2019 |publisher=OCC.gov |access-date=July 9, 2020}}</ref> accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020). |
||
Other financial regulatory agencies like the OCC include the [[Federal Deposit Insurance Corporation]] (of which the Comptroller serves as a director), the [[Federal Reserve]], the [[Consumer Financial Protection Bureau]], and the [[National Credit Union Administration]]. The OCC routinely interacts and cooperates with other government agencies, including the Consumer Financial Protection Bureau, Financial Crimes Enforcement Network, the Office of Foreign Asset Control, the Federal Bureau of Investigation, the Department of Justice, and the Department of Homeland Security. |
Other financial regulatory agencies like the OCC include the [[Federal Deposit Insurance Corporation]] (of which the Comptroller serves as a director), the [[Federal Reserve]], the [[Consumer Financial Protection Bureau]], and the [[National Credit Union Administration]]. The OCC routinely interacts and cooperates with other government agencies, including the Consumer Financial Protection Bureau, [[Financial Crimes Enforcement Network]], the Office of Foreign Asset Control, the [[Federal Bureau of Investigation]], the [[U.S. Department of Justice]], and the [[Department of Homeland Security]]. |
||
The Comptroller serves as a director of the [[NeighborWorks America|Neighborhood Reinvestment Corporation]], and the Federal Deposit Insurance Corporation and member of the Financial Stability Oversight Council and the Federal Financial Institutions Examination Council. |
The Comptroller serves as a director of the [[NeighborWorks America|Neighborhood Reinvestment Corporation]], and the Federal Deposit Insurance Corporation and member of the Financial Stability Oversight Council and the Federal Financial Institutions Examination Council. |
||
===Preemption of state banking regulation=== |
===Preemption of state banking regulation=== |
||
In 2003, the OCC proposed regulations to preempt virtually all state banking and financial services laws for national banks and their diverse range of non-bank, corporate operating subsidiaries.<ref>{{cite web|url=http://edocket.access.gpo.gov/2003/pdf/03-19906.pdf |title=Proposed Rules : Federal Register Vol 68 No. 150 |publisher=Edocket.access.gpo.gov |access-date=November 11, 2013}}</ref> Despite opposition from the [[National Conference of State Legislatures]],<ref>[http://www.ncsl.org/standcomm/scfin/occ031006.htm |
In 2003, the OCC proposed regulations to preempt virtually all state banking and financial services laws for national banks and their diverse range of non-bank, corporate operating subsidiaries.<ref>{{cite web|url=http://edocket.access.gpo.gov/2003/pdf/03-19906.pdf |title=Proposed Rules : Federal Register Vol 68 No. 150 |publisher=Edocket.access.gpo.gov |access-date=November 11, 2013}}</ref> Despite opposition from the [[National Conference of State Legislatures]],<ref>[http://www.ncsl.org/standcomm/scfin/occ031006.htm] {{webarchive|url=https://web.archive.org/web/20081015205912/http://www.ncsl.org/standcomm/scfin/occ031006.htm|date=October 15, 2008}}</ref> the OCC's regulations went into effect. In ''[[Watters v. Wachovia Bank, N.A.]]'' {{ussc|550|1|2007}}, the [[United States Supreme Court]] validated the preemption of state regulations by the OCC, ruling that the OCC, not the states, has the authority to subject national banks to "general supervision" and "oversight": |
||
<blockquote>State regulators cannot interfere with the business of banking by subjecting national banks or their OCC-licensed operating subsidiaries to multiple audits and surveillance under rival oversight regimes.<ref name=wattersvwachoviabank>{{cite court |litigants=Watters v. Wachovia Bank, N.A. |vol=550 |reporter=U.S. |opinion=1 |pinpoint= |court=[[Supreme Court of the United States]] |date=2007 |url={{SCOTUS URL Slip|06|05-1342}} |quote=}}</ref></blockquote> |
<blockquote>State regulators cannot interfere with the business of banking by subjecting national banks or their OCC-licensed operating subsidiaries to multiple audits and surveillance under rival oversight regimes.<ref name=wattersvwachoviabank>{{cite court |litigants=Watters v. Wachovia Bank, N.A. |vol=550 |reporter=U.S. |opinion=1 |pinpoint= |court=[[Supreme Court of the United States]] |date=2007 |url={{SCOTUS URL Slip|06|05-1342}} |quote=}}</ref></blockquote> |
||
In ''[[Cuomo v. Clearing House Association, L. L. C.]]'' {{ussc|557|519|2009}}, the Court clarified its decision in ''Watters'', stating that federal banking regulations did not preempt the ability of states to enforce their own fair-lending laws, as {{"'}}general supervision and control' and 'oversight' are worlds apart from law enforcement", and therefore states retain law enforcement powers but have restricted "visitorial" powers over national banks.<ref name=cuomovclearinghouse>{{cite court |litigants=Cuomo v. Clearing House Association, L. L. C. |vol=557 |reporter=U.S. |court=[[Supreme Court of the United States]] |date=2009 |url={{SCOTUS URL Slip|08|08-453}}}}</ref> |
In ''[[Cuomo v. Clearing House Association, L. L. C.]]'' {{ussc|557|519|2009}}, the Court clarified its decision in ''Watters'', stating that federal banking regulations did not preempt the ability of states to enforce their own fair-lending laws, as {{"'}}general supervision and control' and 'oversight' are worlds apart from law enforcement", and therefore states retain law enforcement powers but have restricted "visitorial" powers over national banks (i.e., the right to examine the affairs of a corporation).<ref name=cuomovclearinghouse>{{cite court |litigants=Cuomo v. Clearing House Association, L. L. C. |vol=557 |reporter=U.S. |court=[[Supreme Court of the United States]] |date=2009 |url={{SCOTUS URL Slip|08|08-453}}}}</ref> |
||
===HelpWithMyBank.gov=== |
===HelpWithMyBank.gov=== |
||
| Line 59: | Line 60: | ||
During the [[American Civil War]], leaders of the U.S. federal government, including President [[Abraham Lincoln]] and Treasury Secretary [[Salmon P. Chase]], drafted plans for a national banking system. These plans were put into action by the National Currency Act of 1863, subsequently amended by the [[National Bank Act]], which created the Office of the Comptroller of the Currency to administer the new system.<ref name=":0">{{Cite web|title=Founding of the OCC & the National Banking System|url=https://www.occ.treas.gov/about/who-we-are/history/founding-occ-national-bank-system/index-founding-occ-national-banking-system.html|date=2019-01-14|website=www.occ.treas.gov|language=en-US|access-date=2020-05-19}}</ref> |
During the [[American Civil War]], leaders of the U.S. federal government, including President [[Abraham Lincoln]] and Treasury Secretary [[Salmon P. Chase]], drafted plans for a national banking system. These plans were put into action by the National Currency Act of 1863, subsequently amended by the [[National Bank Act]], which created the Office of the Comptroller of the Currency to administer the new system.<ref name=":0">{{Cite web|title=Founding of the OCC & the National Banking System|url=https://www.occ.treas.gov/about/who-we-are/history/founding-occ-national-bank-system/index-founding-occ-national-banking-system.html|date=2019-01-14|website=www.occ.treas.gov|language=en-US|access-date=2020-05-19}}</ref> |
||
Under the law, banks could apply to the OCC for a charter issued by the federal government. Approved banks would purchase U.S. government bonds, generating cash flow for the government. The bonds would then be deposited with the U.S. Treasury to provide security to back the paper money to be issued by the banks, a new uniform |
Under the law, banks could apply to the OCC for a charter issued by the federal government. Approved banks would purchase U.S. [[government bonds]], generating cash flow for the government. The bonds would then be deposited with the U.S. Treasury to provide security to back the paper money to be issued by the banks, a new uniform [[United States currency]] that could be redeemed for gold or silver at banks around the country. By ensuring the new currency was backed by the government-held bonds, the system gave users greater confidence in the stability of the paper money.<ref name=":0" /> |
||
In 1913, the [[Federal Reserve Act]] established a [[central bank]], the [[Federal Reserve |
In 1913, the [[Federal Reserve Act]] established a [[central bank]], the [[Federal Reserve]], to issue American currency. The OCC's role shifted to bank examination and regulation, though it retained "currency" as part of its name.<ref>{{Cite web|title=1914 - 1935|url=https://www.occ.treas.gov/about/who-we-are/history/1914-1935/index-occ-history-1914-1935.html|date=2019-02-26|website=www.occ.treas.gov|language=en-US|access-date=2020-05-19}}</ref><ref name="Van Loo"/> |
||
The OCC was involved in the response during and after the [[financial crisis of 2007–08]], including work with the [[Troubled Asset Relief Program]] (TARP), designing [[Stress test (financial)|stress tests]] for major banks, and collecting and analyzing data on home mortgage loans. The [[Dodd–Frank Wall Street Reform and Consumer Protection Act]] of 2010 abolished the [[Office of Thrift Supervision]] and merged its former oversight functions into the OCC. The law also reassigned much of the OCC's former compliance mandate to the new [[Consumer Financial Protection Bureau]]. It further established the [[Financial Stability Oversight Council]], on which the Comptroller of the Currency sits.<ref>{{Citation|last=Cannadine|first=David|title=Parliament: Past History, Present History, Future History|date=2008|work=Making History Now and Then|pages=59–82|publisher=Palgrave Macmillan UK|doi=10.1057/9780230594265_4|isbn=978-1-349-30470-7}}</ref> |
The OCC was involved in the response during and after the [[financial crisis of 2007–08]], including work with the [[Troubled Asset Relief Program]] (TARP), designing [[Stress test (financial)|stress tests]] for major banks, and collecting and analyzing data on home mortgage loans. The [[Dodd–Frank Wall Street Reform and Consumer Protection Act]] of 2010 abolished the [[Office of Thrift Supervision]] and merged its former oversight functions into the OCC. The law also reassigned much of the OCC's former compliance mandate to the new [[Consumer Financial Protection Bureau]]. It further established the [[Financial Stability Oversight Council]], on which the Comptroller of the Currency sits.<ref>{{Citation|last=Cannadine|first=David|title=Parliament: Past History, Present History, Future History|date=2008|work=Making History Now and Then|pages=59–82|publisher=Palgrave Macmillan UK|doi=10.1057/9780230594265_4|isbn=978-1-349-30470-7}}</ref> |
||
== Pronunciation == |
== Pronunciation == |
||
As with other uses of the English word "[[comptroller]]" there is some ambiguity about the agency's pronunciation. Historically, the word was pronounced identically to "controller," though it is increasingly pronounced |
As with other uses of the English word "[[comptroller]]" there is some ambiguity about the agency's pronunciation. Historically, the word was pronounced identically to "controller," though it is increasingly pronounced as it is spelled (that is, ''comp-troller'').<ref>{{Cite news|last=Dolnick|first=Sam|date=2010-09-28|title=A Job Title That Adds Confusion|language=en-US|work=The New York Times|url=https://www.nytimes.com/2010/09/29/nyregion/29compside.html|access-date=2020-05-19|issn=0362-4331}}</ref> According to ''[[Marketplace (radio program)|Marketplace]]'', former acting Comptroller Keith Noreika and his successor, Joseph Otting, both used the latter pronunciation.<ref>{{Cite web|title=You say comptroller, I say controller|url=https://www.marketplace.org/2018/05/14/you-say-comptroller-i-say-controller/|date=2018-05-14|website=Marketplace|language=en-US|access-date=2020-05-19}}</ref> |
||
==List of |
==List of comptrollers of the currency== |
||
{| class=wikitable style="text-align:center" |
|||
{{div col|colwidth=22em}} |
|||
|- |
|||
*[[Hugh McCulloch]] (1863–1865) |
|||
!Portrait |
|||
*[[Freeman Clarke]] (1865–1867) |
|||
!Administrator |
|||
*[[Hiland R. Hulburd]] (1867–1872) |
|||
!Took office |
|||
*[[John Jay Knox]] (1872–1884) |
|||
!Left office<ref>{{cite web|title=Previous Comptrollers of the Currency|url=https://www.occ.gov/about/who-we-are/history/previous-comptrollers/index-previous-comptrollers.html|website=www.occ.gov|date=January 24, 2019 }}</ref> |
|||
*[[Henry W. Cannon]] (1884–1886) |
|||
|- |
|||
*[[William L. Trenholm]] (1886–1889) |
|||
|[[File:Hugh McCulloch.png|100px]] |
|||
*[[Edward S. Lacey]] (1889–1892) |
|||
|[[Hugh McCulloch]] |
|||
*[[A. Barton Hepburn]] (1892–1893) |
|||
|February 25, 1863 |
|||
*[[James H. Eckels]] (1893–1897) |
|||
|March 9, 1865 |
|||
*[[Charles G. Dawes]] (1898–1901) |
|||
|- |
|||
*[[William Barret Ridgely]] (1901–1908) |
|||
|[[File:Clarke freeman.jpg|100px]] |
|||
*[[Lawrence O. Murray]] (1908–1913) |
|||
|[[Freeman Clarke]] |
|||
*[[John Skelton Williams]] (1914–1921) |
|||
|March 9, 1865 |
|||
*[[Daniel Richard Crissinger|D. R. Crissinger]] (1921–1923) |
|||
|July 24, 1866 |
|||
*[[Henry M. Dawes]] (1923–1924) |
|||
|- |
|||
*[[Joseph W. McIntosh]] (1924–1928) |
|||
|[[File:Hulburd hiland.jpg|100px]] |
|||
*[[John W. Pole]] (1928–1932) |
|||
|[[Hiland R. Hulburd]] |
|||
*[[J. F. T. O'Connor]] (1933–1938) |
|||
|February 1, 1867 |
|||
*[[Preston Delano]] (1938–1953) |
|||
|April 3, 1872 |
|||
*[[Ray M. Gidney]] (1953–1961) |
|||
|- |
|||
*[[James J. Saxon]] (1961–1966) |
|||
|[[File:John Jay Knox - Brady-Handy.jpg|100px]] |
|||
*[[William B. Camp]] (1966–1973) |
|||
|[[John Jay Knox Jr.]] |
|||
*[[James E. Smith (politician, born 1930)|James E. Smith]] (1973–1976) |
|||
|April 25, 1872 |
|||
*[[John G. Heimann]] (1977–1981) |
|||
|April 30, 1884 |
|||
*[[Charles Lord]] (1981-1981) |
|||
|- |
|||
*[[C. T. Conover]] (1981–1985) |
|||
|[[File:Cannon henry.jpg|100px]] |
|||
*[[Robert L. Clarke]] (1985–1992) |
|||
|[[Henry W. Cannon]] |
|||
*[[Stephen Steinbrink]] (1992-1993) |
|||
|May 12, 1884 |
|||
*[[Eugene Ludwig]] (1993–1998) |
|||
|March 1, 1886 |
|||
*[[Julie L. Williams]] (acting) (1998) |
|||
|- |
|||
*[[John D. Hawke, Jr.]] (1998–2004) |
|||
|[[File:Trenholm william.jpg|100px]] |
|||
*[[Julie L. Williams]] (acting) (2004-2005) |
|||
|[[William L. Trenholm]] |
|||
*[[John C. Dugan]] (2005–2010) |
|||
|April 20, 1886 |
|||
*[[John G. Walsh]] (acting) (2010–2012) |
|||
|April 30, 1889 |
|||
*[[Thomas J. Curry]] (2012–2017) |
|||
|- |
|||
*[[Keith Noreika|Keith A. Noreika]] (acting) (2017) |
|||
|[[File:Lacey edward.jpg|100px]] |
|||
*[[Joseph Otting]] (2017–2020) |
|||
|[[Edward S. Lacey]] |
|||
*[[Brian P. Brooks]] (acting) (2020–2021) |
|||
|May 1, 1889 |
|||
*[[Blake Paulson]] (acting) (2021) |
|||
|June 30, 1892 |
|||
*[[Michael J. Hsu]] (acting) (2021–present) |
|||
|- |
|||
{{div col end}} |
|||
|[[File:Hepburn barton.jpg|100px]] |
|||
|[[A. Barton Hepburn]] |
|||
|August 2, 1892 |
|||
|April 25, 1893 |
|||
|- |
|||
|[[File:Eckels james.jpg|100px]] |
|||
|[[James H. Eckels]] |
|||
|April 26, 1893 |
|||
|December 31, 1897 |
|||
|- |
|||
|[[File:Chas G Dawes-H&E.jpg|100px]] |
|||
|[[Charles G. Dawes]] |
|||
|January 1, 1898 |
|||
|September 30, 1901 |
|||
|- |
|||
|[[File:Ridgley, Hon. W.B. LOC hec.14767.jpg|100px]] |
|||
|[[William Barret Ridgely]] |
|||
|October 1, 1901 |
|||
|March 28, 1908 |
|||
|- |
|||
|[[File:Murray lawrence.jpg|100px]] |
|||
|[[Lawrence O. Murray]] |
|||
|April 27, 1908 |
|||
|April 27, 1913 |
|||
|- |
|||
|[[File:Portrait of John Skelton Williams.jpg|100px]] |
|||
|[[John Skelton Williams]] |
|||
|February 2, 1914 |
|||
|March 2, 1921 |
|||
|- |
|||
|[[File:Daniel R. Crissinger cropped.jpg|100px]] |
|||
|[[Daniel Richard Crissinger]] |
|||
|March 17, 1921 |
|||
|March 30, 1923 |
|||
|- |
|||
|[[File:Henry M Dawes.jpg|100px]] |
|||
|[[Henry M. Dawes]] |
|||
|May 1, 1923 |
|||
|December 17, 1924 |
|||
|- |
|||
|[[File:Mcintosh joseph.jpg|100px]] |
|||
|[[Joseph W. McIntosh]] |
|||
|December 20, 1924 |
|||
|November 20, 1928 |
|||
|- |
|||
|[[File:Pole john.jpg|100px]] |
|||
|[[John W. Pole]] |
|||
|November 21, 1928 |
|||
|September 20, 1932 |
|||
|- |
|||
|[[File:James Francis Thaddeus O'Connor 1930s.jpg|100px]] |
|||
|[[James Francis Thaddeus O'Connor]] |
|||
|May 11, 1933 |
|||
|April 16, 1938 |
|||
|- |
|||
|[[File:Delano preston.jpg|100px]] |
|||
|[[Preston Delano]] |
|||
|October 24, 1938 |
|||
|February 15, 1953 |
|||
|- |
|||
|[[File:Gidney ray.jpg|100px]] |
|||
|[[Ray M. Gidney]] |
|||
|April 16, 1953 |
|||
|November 15, 1961 |
|||
|- |
|||
|[[File:Saxon james.jpg|100px]] |
|||
|[[James J. Saxon]] |
|||
|November 16, 1961 |
|||
|November 15, 1966 |
|||
|- |
|||
|[[File:Camp william.jpg|100px]] |
|||
|[[William B. Camp]] |
|||
|November 16, 1966 |
|||
|March 23, 1973 |
|||
|- |
|||
|[[File:Smith james.jpg|100px]] |
|||
|[[James E. Smith (politician, born 1930)|James E. Smith]] |
|||
|July 5, 1973 |
|||
|July 31, 1976 |
|||
|- |
|||
|[[File:Heimann john.jpg|100px]] |
|||
|[[John G. Heimann]] |
|||
|July 21, 1977 |
|||
|May 15, 1981 |
|||
|- |
|||
|[[File:No image.svg|100px]] |
|||
|[[Charles Lord]] (acting) |
|||
|May 16, 1981 |
|||
|December 16, 1981 |
|||
|- |
|||
|[[File:Conover todd.jpg|100px]] |
|||
|[[C. T. Conover]] |
|||
|December 16, 1981 |
|||
|May 4, 1985 |
|||
|- |
|||
|[[File:Clarke robert.jpg|100px]] |
|||
|[[Robert L. Clarke]] |
|||
|December 2, 1985 |
|||
|February 29, 1992 |
|||
|- |
|||
|[[File:No image.svg|100px]] |
|||
|[[Stephen Steinbrink]] (acting) |
|||
|March 1, 1992 |
|||
|April 5, 1993 |
|||
|- |
|||
|[[File:Ludwig eugene.jpg|100px]] |
|||
|[[Eugene Ludwig]] |
|||
|April 5, 1993 |
|||
|April 3, 1998 |
|||
|- |
|||
|[[File:No image.svg|100px]] |
|||
|[[Julie L. Williams]] (acting) |
|||
|April 4, 1998 |
|||
|December 8, 1998 |
|||
|- |
|||
|[[File:John d hawke.jpg|100px]] |
|||
|[[John D. Hawke Jr.]] |
|||
|December 8, 1998 |
|||
|October 13, 2004 |
|||
|- |
|||
|[[File:No image.svg|100px]] |
|||
|[[Julie L. Williams]] (acting) |
|||
|October 14, 2004 |
|||
|August 4, 2005 |
|||
|- |
|||
|[[File:Dugan john sm.jpg|100px]] |
|||
|[[John C. Dugan]] |
|||
|August 4, 2005 |
|||
|August 14, 2010 |
|||
|- |
|||
|[[File:John Walsh OCC.jpg|100px]] |
|||
|[[John G. Walsh]] (acting) |
|||
|August 15, 2010 |
|||
|April 9, 2012 |
|||
|- |
|||
|[[File:Thomas Curry official photo.jpg|100px]] |
|||
|[[Thomas J. Curry]] |
|||
|April 9, 2012 |
|||
|May 5, 2017 |
|||
|- |
|||
|[[File:No image.svg|100px]] |
|||
|[[Keith Noreika]] (acting) |
|||
|May 5, 2017 |
|||
|November 27, 2017 |
|||
|- |
|||
|[[File:Joseph Otting official photo.jpg|100px]] |
|||
|[[Joseph Otting]] |
|||
|November 27, 2017 |
|||
|May 29, 2020 |
|||
|- |
|||
|[[File:Acting Comptroller of the Currency Brian P. Brooks.jpg|100px]] |
|||
|[[Brian P. Brooks]] (acting) |
|||
|May 29, 2020 |
|||
|January 14, 2021 |
|||
|- |
|||
|[[File:No image.svg|100px]] |
|||
|[[Blake Paulson]] (acting) |
|||
|January 14, 2021 |
|||
|May 10, 2021 |
|||
|- |
|||
|[[File:Michael Hsu.jpg|100px]] |
|||
|[[Michael J. Hsu]] (acting) |
|||
|May 10, 2021 |
|||
|present |
|||
|- |
|||
|} |
|||
==See also== |
==See also== |
||
| Line 117: | Line 284: | ||
* [[Title 12 of the Code of Federal Regulations]] |
* [[Title 12 of the Code of Federal Regulations]] |
||
* [[Volcker Rule]] |
* [[Volcker Rule]] |
||
* [[List of financial regulatory authorities by jurisdiction]] |
|||
==References== |
==References== |
||
| Line 124: | Line 292: | ||
*{{Official website|https://www.occ.gov/}} |
*{{Official website|https://www.occ.gov/}} |
||
* [https://www.federalregister.gov/agencies/comptroller-of-the-currency OCC] in the [[Federal Register]] |
* [https://www.federalregister.gov/agencies/comptroller-of-the-currency OCC] in the [[Federal Register]] |
||
* [https://www.law.cornell.edu/cfr/text/12/chapter-I 12 CFR Chapter I] of the [[Code of Federal Regulations]] from the [[Legal Information Institute|LII]] |
|||
* [https://www.ecfr.gov/current/title-12/chapter-I 12 CFR Chapter I] of the Code of Federal Regulations from the [[Office of the Federal Register|OFR]] |
|||
{{Bank regulation in the United States}} |
{{Bank regulation in the United States}} |
||
| Line 130: | Line 300: | ||
{{authority control}} |
{{authority control}} |
||
[[Category:Comptrollers |
[[Category:United States Comptrollers of the Currency]] |
||
[[Category:United States Department of the Treasury agencies|Comptroller of the Currency]] |
[[Category:United States Department of the Treasury agencies|Comptroller of the Currency]] |
||
[[Category:Financial regulatory authorities of the United States]] |
[[Category:Financial regulatory authorities of the United States]] |
||
Revision as of 13:59, 30 July 2024
 Seal of the Office of the Comptroller of the Currency | |
 Logo of the Office of the Comptroller of the Currency | |
 Flag of the Comptroller of the Currency | |
| Agency overview | |
|---|---|
| Formed | February 25, 1863 |
| Headquarters | Constitution Center, Washington, D.C. |
| Employees | 3,518 (as of December 31, 2020) |
| Agency executive |
|
| Parent agency | Department of the Treasury |
| Website | www |
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and federal thrift institutions and the federally licensed branches and agencies of foreign banks in the United States.[2] The acting Comptroller of the Currency is Michael J. Hsu, who took office on May 10, 2021.[3]
Duties and functions
Headquartered in Washington, D.C., it has four district offices located in New York City, Chicago, Dallas and Denver. It has an additional 92 operating locations throughout the United States. It is an independent bureau of the United States Department of the Treasury and is headed by the Comptroller of the Currency, appointed to a five-year term by the President with the consent of the U.S. Senate.
The OCC pursues a number of main objectives:
- to ensure the safety and soundness of the national banking system;
- to foster competition by allowing banks to offer new products and services;
- to improve the efficiency and effectiveness of OCC supervision especially to reduce the regulatory burden;
- to ensure fair and equal access to financial services to all Americans;
- to enforce anti-money laundering and anti-terrorism financing laws that apply to national banks and federally licensed branches and agencies of international banks; and
- to investigate misconduct committed by institution-affiliated parties of national banks, including officers, directors, employees, agents and independent contractors (including appraisers, attorneys and accountants).
The OCC participates in interagency activities in order to maintain the integrity of the federal banking system. By monitoring capital, asset quality, management, earnings, liquidity, sensitivity to market risk, information technology, consumer compliance, and community reinvestment, the OCC is able to determine whether or not the bank is operating safely and soundly, providing fair access and treatment to customers, and complying with all applicable laws and regulations. The OCC was created by Abraham Lincoln to fund the American Civil War but was later transformed into a regulatory agency to instill confidence in the federal banking system, ensure it operates in a safe and sound manner, and treats customers fairly.
The OCC regulates and supervises about 1,200 national banks, federally-licensed savings associations, and federally-licensed branches of foreign banks in the United States,[4] accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020).
Other financial regulatory agencies like the OCC include the Federal Deposit Insurance Corporation (of which the Comptroller serves as a director), the Federal Reserve, the Consumer Financial Protection Bureau, and the National Credit Union Administration. The OCC routinely interacts and cooperates with other government agencies, including the Consumer Financial Protection Bureau, Financial Crimes Enforcement Network, the Office of Foreign Asset Control, the Federal Bureau of Investigation, the U.S. Department of Justice, and the Department of Homeland Security.
The Comptroller serves as a director of the Neighborhood Reinvestment Corporation, and the Federal Deposit Insurance Corporation and member of the Financial Stability Oversight Council and the Federal Financial Institutions Examination Council.
Preemption of state banking regulation
In 2003, the OCC proposed regulations to preempt virtually all state banking and financial services laws for national banks and their diverse range of non-bank, corporate operating subsidiaries.[5] Despite opposition from the National Conference of State Legislatures,[6] the OCC's regulations went into effect. In Watters v. Wachovia Bank, N.A. 550 U.S. 1 (2007), the United States Supreme Court validated the preemption of state regulations by the OCC, ruling that the OCC, not the states, has the authority to subject national banks to "general supervision" and "oversight":
State regulators cannot interfere with the business of banking by subjecting national banks or their OCC-licensed operating subsidiaries to multiple audits and surveillance under rival oversight regimes.[7]
In Cuomo v. Clearing House Association, L. L. C. 557 U.S. 519 (2009), the Court clarified its decision in Watters, stating that federal banking regulations did not preempt the ability of states to enforce their own fair-lending laws, as "'general supervision and control' and 'oversight' are worlds apart from law enforcement", and therefore states retain law enforcement powers but have restricted "visitorial" powers over national banks (i.e., the right to examine the affairs of a corporation).[8]
HelpWithMyBank.gov
In July 2007, the OCC launched HelpWithMyBank.gov to assist customers of national banks and provide answers to national banking questions.[9]
Financial inclusion
On July 10, 2020, the OCC announced the launch of Project REACh. REACh stands for Roundtable for Economic Access and Change, and the project brings together leaders from the banking industry, national civil rights organizations, business, and technology to reduce specific barriers that prevent full, equal, and fair participation in the nation's economy.[10]
History
During the American Civil War, leaders of the U.S. federal government, including President Abraham Lincoln and Treasury Secretary Salmon P. Chase, drafted plans for a national banking system. These plans were put into action by the National Currency Act of 1863, subsequently amended by the National Bank Act, which created the Office of the Comptroller of the Currency to administer the new system.[11]
Under the law, banks could apply to the OCC for a charter issued by the federal government. Approved banks would purchase U.S. government bonds, generating cash flow for the government. The bonds would then be deposited with the U.S. Treasury to provide security to back the paper money to be issued by the banks, a new uniform United States currency that could be redeemed for gold or silver at banks around the country. By ensuring the new currency was backed by the government-held bonds, the system gave users greater confidence in the stability of the paper money.[11]
In 1913, the Federal Reserve Act established a central bank, the Federal Reserve, to issue American currency. The OCC's role shifted to bank examination and regulation, though it retained "currency" as part of its name.[12][2]
The OCC was involved in the response during and after the financial crisis of 2007–08, including work with the Troubled Asset Relief Program (TARP), designing stress tests for major banks, and collecting and analyzing data on home mortgage loans. The Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 abolished the Office of Thrift Supervision and merged its former oversight functions into the OCC. The law also reassigned much of the OCC's former compliance mandate to the new Consumer Financial Protection Bureau. It further established the Financial Stability Oversight Council, on which the Comptroller of the Currency sits.[13]
Pronunciation
As with other uses of the English word "comptroller" there is some ambiguity about the agency's pronunciation. Historically, the word was pronounced identically to "controller," though it is increasingly pronounced as it is spelled (that is, comp-troller).[14] According to Marketplace, former acting Comptroller Keith Noreika and his successor, Joseph Otting, both used the latter pronunciation.[15]
List of comptrollers of the currency
| Portrait | Administrator | Took office | Left office[16] |
|---|---|---|---|
|
Hugh McCulloch | February 25, 1863 | March 9, 1865 |
|
Freeman Clarke | March 9, 1865 | July 24, 1866 |
|
Hiland R. Hulburd | February 1, 1867 | April 3, 1872 |
|
John Jay Knox Jr. | April 25, 1872 | April 30, 1884 |
|
Henry W. Cannon | May 12, 1884 | March 1, 1886 |
|
William L. Trenholm | April 20, 1886 | April 30, 1889 |
|
Edward S. Lacey | May 1, 1889 | June 30, 1892 |
|
A. Barton Hepburn | August 2, 1892 | April 25, 1893 |
|
James H. Eckels | April 26, 1893 | December 31, 1897 |
|
Charles G. Dawes | January 1, 1898 | September 30, 1901 |
|
William Barret Ridgely | October 1, 1901 | March 28, 1908 |
|
Lawrence O. Murray | April 27, 1908 | April 27, 1913 |
|
John Skelton Williams | February 2, 1914 | March 2, 1921 |
|
Daniel Richard Crissinger | March 17, 1921 | March 30, 1923 |
|
Henry M. Dawes | May 1, 1923 | December 17, 1924 |
|
Joseph W. McIntosh | December 20, 1924 | November 20, 1928 |
|
John W. Pole | November 21, 1928 | September 20, 1932 |
|
James Francis Thaddeus O'Connor | May 11, 1933 | April 16, 1938 |
|
Preston Delano | October 24, 1938 | February 15, 1953 |
|
Ray M. Gidney | April 16, 1953 | November 15, 1961 |
|
James J. Saxon | November 16, 1961 | November 15, 1966 |
|
William B. Camp | November 16, 1966 | March 23, 1973 |
|
James E. Smith | July 5, 1973 | July 31, 1976 |
|
John G. Heimann | July 21, 1977 | May 15, 1981 |
|
Charles Lord (acting) | May 16, 1981 | December 16, 1981 |
|
C. T. Conover | December 16, 1981 | May 4, 1985 |
|
Robert L. Clarke | December 2, 1985 | February 29, 1992 |
|
|
Stephen Steinbrink (acting) | March 1, 1992 | April 5, 1993 |
|
Eugene Ludwig | April 5, 1993 | April 3, 1998 |
|
|
Julie L. Williams (acting) | April 4, 1998 | December 8, 1998 |
|
John D. Hawke Jr. | December 8, 1998 | October 13, 2004 |
|
|
Julie L. Williams (acting) | October 14, 2004 | August 4, 2005 |
|
John C. Dugan | August 4, 2005 | August 14, 2010 |
|
John G. Walsh (acting) | August 15, 2010 | April 9, 2012 |
|
Thomas J. Curry | April 9, 2012 | May 5, 2017 |
|
|
Keith Noreika (acting) | May 5, 2017 | November 27, 2017 |
|
Joseph Otting | November 27, 2017 | May 29, 2020 |
|
Brian P. Brooks (acting) | May 29, 2020 | January 14, 2021 |
|
|
Blake Paulson (acting) | January 14, 2021 | May 10, 2021 |
|
Michael J. Hsu (acting) | May 10, 2021 | present |
See also
- Bank regulation in the United States
- Title 12 of the Code of Federal Regulations
- Volcker Rule
- List of financial regulatory authorities by jurisdiction
References
- ^ "Michael J. Hsu | OCC".
- ^ a b Van Loo, Rory (August 1, 2018). "Regulatory Monitors: Policing Firms in the Compliance Era". Faculty Scholarship: 14–15.
- ^ "Michael J. Hsu Statement to Agency Employees on Becoming Acting Comptroller of the Currency". August 1, 2018.
- ^ "Office of the Comptroller of the Currency About Us". OCC.gov. January 24, 2019. Retrieved July 9, 2020.
- ^ "Proposed Rules : Federal Register Vol 68 No. 150" (PDF). Edocket.access.gpo.gov. Retrieved November 11, 2013.
- ^ [1] Archived October 15, 2008, at the Wayback Machine
- ^ Watters v. Wachovia Bank, N.A., 550 U.S. 1 (Supreme Court of the United States 2007).
- ^ Cuomo v. Clearing House Association, L. L. C., 557 U.S. (Supreme Court of the United States 2009).
- ^ "Help and Frequently Asked Questions about National Banks from OCC's". Helpwithmybank.gov. Retrieved November 11, 2013.
- ^ OCC (July 10, 2020). "Announces Project REACh to Promote Greater Access to Capital and Credit for Underserved Populations." Retrieved July 10, 2020.
- ^ a b "Founding of the OCC & the National Banking System". www.occ.treas.gov. January 14, 2019. Retrieved May 19, 2020.
- ^ "1914 - 1935". www.occ.treas.gov. February 26, 2019. Retrieved May 19, 2020.
- ^ Cannadine, David (2008), "Parliament: Past History, Present History, Future History", Making History Now and Then, Palgrave Macmillan UK, pp. 59–82, doi:10.1057/9780230594265_4, ISBN 978-1-349-30470-7
- ^ Dolnick, Sam (September 28, 2010). "A Job Title That Adds Confusion". The New York Times. ISSN 0362-4331. Retrieved May 19, 2020.
- ^ "You say comptroller, I say controller". Marketplace. May 14, 2018. Retrieved May 19, 2020.
- ^ "Previous Comptrollers of the Currency". www.occ.gov. January 24, 2019.
External links
- Official website
- OCC in the Federal Register
- 12 CFR Chapter I of the Code of Federal Regulations from the LII
- 12 CFR Chapter I of the Code of Federal Regulations from the OFR
| Deputy Secretary of the Treasury |  | |
|---|---|---|
| Under Secretary of the Treasury for International Affairs |
| |
| Under Secretary of the Treasury for Domestic Finance |
| |
| Under Secretary of the Treasury for Terrorism and Financial Intelligence | ||
| Treasurer of the United States | ||
| International | |
|---|---|
| National | |
